RHODE ISLAND SCHOOL OF DESIGN

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1877

Legal Domicile

Principal Officer

CRYSTAL WILLIAMS

Phone

4014546474

Tax Period

2024-07-01 to 2025-06-30

RHODE ISLAND SCHOOL OF DESIGN, founded in 1877, is a major nonprofit in the Education sector that reported $239.9M in total revenue in fiscal year 2024. Expenses of $229.1M left a modest 5% surplus.

Mission

THE MISSION OF RHODE ISLAND SCHOOL OF DESIGN, THROUGH ITS COLLEGE AND MUSEUM,IS TO EDUCATE ITS STUDENTS AND THE PUBLIC IN THE CREATION AND (SEE SCHEDULE O)APPRECIATION OF WORKS OF ART AND DESIGN, TO DISCOVER AND TRANSMIT KNOWLEDGE AND TO MAKE LASTING CONTRIBUTIONS TO A GLOBAL SOCIETY THROUGH CRITICAL THINKING, SCHOLARSHIP AND INNOVATION.

Program Service Accomplishments

Program 1

Expenses: $169,217,318 Revenue: $193,559,253

EDUCATION - RHODE ISLAND SCHOOL OF DESIGN WAS FOUNDED IN 1877, MAKING IT ONE OF THE FIRST ART AND DESIGN SCHOOLS IN THE US. APPROXIMATELY 2,500 STUDENTS FROM AROUND THE WORLD ARE ENGAGED IN LIBERAL ART STUDIES AND RIGOROUS, STUDIO-BASED LEARNING AT RISD, WHERE THEY CHOOSE FROM 21 STUDIO MAJORS AND EARN BACHELOR'S OR MASTER'S DEGREES IN THE FINE ARTS, ARCHITECTURE OR ART EDUCATION. EACH YEAR, APPROXIMATELY 4,600 CHILDREN AND ADULTS ALSO ACCESS OUR SPECIALIZED STUDIO FACILITIES THROUGH RISD CONTINUING EDUCATION COURSES.

Program 2

Expenses: $10,532,458 Revenue: $873,132

MUSEUM - THE RISD MUSEUM WAS FOUNDED ON THE BELIEF THAT ART, ARTISTS, AND THE INSTITUTIONS THAT SUPPORT THEM PLAY PIVOTAL ROLES IN PROMOTING BROAD CIVIC ENGAGEMENT AND CREATING MORE OPEN SOCIETIES...

MUSEUM - THE RISD MUSEUM WAS FOUNDED ON THE BELIEF THAT ART, ARTISTS, AND THE INSTITUTIONS THAT SUPPORT THEM PLAY PIVOTAL ROLES IN PROMOTING BROAD CIVIC ENGAGEMENT AND CREATING MORE OPEN SOCIETIES. THE RISD MUSEUM EDUCATES AND INSPIRES STUDENTS AND THE PUBLIC THROUGH EXHIBITIONS, LECTURES, TOURS, WORKSHOPS AND PUBLICATIONS AND PROVIDES FREE ACCESS TO DIGITAL IMAGES OF PUBLIC DOMAIN MATERIALS IN THE COLLECTION FOR ANY PURPOSE. WE WANT OUR COLLECTION, SCHOLARSHIP, AND INTERPRETIVE CONTENT TO BE ACCESSED, DISTRIBUTED, AND REUSED BY EVERYONE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $16,865,804

Program Service Revenue $197,859,132

Investment Income $24,103,430

Other Revenue $1,073,625

TOTAL REVENUE $239,901,991

Expense Breakdown

Grants Paid $37,709,536

Salaries & Benefits $119,167,911

Fundraising Expenses $8,212,574

Program Expenses $179,749,776

Other Expenses $72,146,342

TOTAL EXPENSES $229,075,539

Year-over-Year Comparison

	2024	2023	Change
Revenue	$239,901,991	$223,500,826	+0.1%
Expenses	$229,075,539	$226,885,120	+0.0%
Net Income	$10,826,452	$-3,384,294	-4.2%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

3135

Volunteers

623

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,147,643

Total Directors

Key Employees

$2,782,112

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HILLARY BLUMBERG	TRUSTEE/CO-CHAIR OF BOARD	2.00	Officer Director	$0	$0	$0
ILENE CHAIKEN	TRUSTEE/CO-CHAIR OF BOARD	2.00	Officer Director	$0	$0	$0
KAREN HAMMOND	TRUSTEE/VICE CHAIR OF BOARD	2.00	Officer Director	$0	$0	$0
TAVARES STRACHAN	TRUSTEE/VICE CHAIR OF BOARD	2.00	Officer Director	$0	$0	$0
HE SHEIKHA AL MAYASSA BINT HA	TRUSTEE	2.00	Director	$0	$0	$0
ASHLEIGH AXIOS	TRUSTEE	2.00	Director	$0	$0	$0
DAVID BARCLAY	TRUSTEE	2.00	Director	$0	$0	$0
CAROLINE BAUMANN	TRUSTEE	2.00	Director	$0	$0	$0
JILL HERTZ BLAUSTEIN	TRUSTEE	2.00	Director	$0	$0	$0
GABRIELLE BULLOCK	TRUSTEE	2.00	Director	$0	$0	$0
NORMAN CHAN	TRUSTEE	2.00	Director	$0	$0	$0
DONALD CHOI	TRUSTEE	2.00	Director	$0	$0	$0
RYAN CUNNINGHAM	TRUSTEE	2.00	Director	$0	$0	$0
ROBERT A DIMUCCIO	TRUSTEE	2.00	Director	$0	$0	$0
MICHELLE EBANKS	TRUSTEE	2.00	Director	$0	$0	$0
SHEPARD FAIREY	TRUSTEE	2.00	Director	$0	$0	$0
FABIAN FONDRIEST	TRUSTEE	2.00	Director	$0	$0	$0
JOE GEBBIA	TRUSTEE	2.00	Director	$0	$0	$0
ROBERT W GLASS	TRUSTEE	2.00	Director	$0	$0	$0
C C MELVIN IKE	TRUSTEE	2.00	Director	$0	$0	$0
GEETANJALI KIRLOSKAR	TRUSTEE	2.00	Director	$0	$0	$0
DAVID LEE	TRUSTEE	2.00	Director	$0	$0	$0
MARY LOVEJOY	TRUSTEE	2.00	Director	$0	$0	$0
NICOLE J MILLER	TRUSTEE	2.00	Director	$0	$0	$0
YVETTE RIVERA	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL ROCK	TRUSTEE	2.00	Director	$0	$0	$0
SHAHZIA SIKANDER	TRUSTEE	2.00	Director	$0	$0	$0
CRYSTAL WILLIAMS	PRESIDENT	50.00	Officer	$642,342	$72,142	$714,484
DAVID ROSATI	SVP FINANCE & ADMINISTRATION	50.00	Officer	$365,905	$67,254	$433,159
RENEE BYAS	GENERAL COUNSEL	50.00	Key Emp	$302,279	$59,841	$362,120
JAMES PAUL O'HARA	VP ENROLLMENT	50.00	Key Emp	$277,458	$49,058	$326,516
JOHN R SILVA	VICE PRESIDENT, CAMPUS SERVICES	50.00	Key Emp	$236,452	$52,634	$289,086
RICHARD MICKOOL	CHIEF INFORMATION OFFICER	50.00	Key Emp	$230,625	$35,429	$266,054
ELIZABETH RAINONE	INTERIM VP HUMAN RESOURCES	50.00	Key Emp	$211,167	$24,647	$235,814
TOUBA GHADESSI	PROVOST	50.00	Key Emp	$319,775	$62,460	$382,235
AMANDA MACMULLAN	VICE PRESIDENT, INST. ADVANCEMENT	50.00	Key Emp	$312,567	$56,088	$368,655
TSUGUMI MAKI	DIRECTOR, MUSEUM OF ART	50.00	Key Emp	$294,298	$30,060	$324,358
RAYMOND P R QUIROLGICO	VP, STUDENT LIFE AND ENGAGEMENT	50.00	Key Emp	$198,324	$28,950	$227,274
BETHANY JANKUNIS	VP STRATEGY/PLANNING (UNTIL 6/25)	50.00	Highest	$290,758	$48,294	$339,052
SARAH CUNNINGHAM	VICE PROVOST FOR STRATEGIC PSHIP	50.00	Highest	$216,724	$20,259	$236,983
JOANNE L STRYKER	SPECIAL ADVISOR, OFFSHORE INITIATIVE	50.00	Highest	$192,535	$29,897	$222,432
DAVID CARREON BRADLEY	VP, SOCIAL EQUITY (UNTIL 8/24)	50.00	Highest	$252,200	$18,780	$270,980
JUSTIN W COOK	EXEC. DIRECTOR, CENTER FOR COMPLEXITY	50.00	Highest	$184,749	$15,790	$200,539

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$239,901,991	$229,075,539	$763,962,426	$10,826,452
2024	No data	No data	No data	No data
2023	$228,805,896	$220,855,533	$714,113,370	$7,950,363
2022	$225,470,039	$205,705,909	$709,047,420	$19,764,130
2021	$200,813,322	$184,284,545	$767,673,515	$16,528,777
2020	$216,882,419	$188,096,035	$684,859,205	$28,786,384
2019	$221,821,222	$183,596,691	$696,356,053	$38,224,531
2018	$217,078,503	$170,566,736	$627,213,718	$46,511,767